“If China’s trade flows continue to be positive it’s one shining light in a country that’s plagued by an oversupplied property market,” said Jason Teh, who helps manage A$5 billion ($4.1 billion) at Investors Mutual Ltd. in Sydney. “It’s been a little bit volatile but equity markets are holding up as opposed to what you’ve seen in the collapse of the commodity space. You’ve seen safe-haven assets being bid up.”

The decline in crude gathered pace as Goldman Sachs Group Inc. and Societe Generale SA cut price forecasts for the commodity, amid projections a global glut will continue. Crude has to “stay lower for longer” if investment in shale is to be curtailed to re-balance the global market, according to Goldman analysts. WTI dropped as much as 3.4 percent to $44.44 a barrel.